Business Analytics: What You May Not Know

Business analysts discuss reports

The world of business is one of the most prominent career industries in the world. Companies are craving feedback and reviews of their performance and employees so that they can continue to improve their services and products. This is where business analytics comes into play.

Business analytics is defined as the practice of iterative, methodical exploration of an organization’s data with an emphasis on statistical analysis. As the market continues to produce more data, companies have a higher need for designated employees who are trained and knowledgeable, with the ability to analyze data in order to benefit the company and encourage data-driven decision-making. Here is an in-depth look into the business analytics industry for you to decide if it is the right career choice for you.

What Does a Business Analyst Do?

A typical business analyst performs a variety of duties in the workplace. Some of these responsibilities include analyzing data, preparing reports, presenting information to leadership teams and leading analytical projects and business planning to assist the leadership team in achieving maximum business performance. Business analysts gather information, make sense of the data and then report to the company’s management. The level and intentions of these reports, whether it’s predictive analysis or big data analysis, may vary from asking “What happened?” to “When is it likely to happen?”

Another area of business analytics is detective analysis, which answers the question, “Why did it happen?” Detective analysis starts where reporting ends, and you begin looking for reasons behind unexpected changes. Typical problems might include sales dropping or campaigns underperforming. In order to explain these problems, detective analysts are expected to reference past trends and distribution changes and make correlations between the two sets of data.

Reasons to Become a Business Analyst

Working as a business analyst is rewarding and satisfying. You will be a witness to the impact your work and research has on the company as well as how your work helps the company meet its goals more efficiently. Here are some reasons why you should consider becoming a business analyst:

A Growing Field

A successful business analyst can take the data they receive and turn it into understandable charts, graphs and reports for stakeholders so that they can decide appropriate courses of actions to help their company grow. Global business leaders recognize the important role that analytics play in organizational management, and careers in this field are projected to grow as a result. Employment in this field is expected to grow in the future.* Now is the perfect time to get educated in the different skills and theories that this industry requires, because this growth is not expected to slow down any time soon.

A Well-Paying Career

Because the U.S. is experiencing a high demand for business analysts, many companies and organizations are willing to compensate generously to fill those positions. As the demand continues to increase for qualified and educated business analysts, the salaries of these positions may increase as well. There are different analyst positions for the specific needs of each company, and the salary agreements for each job will vary based on those qualifications. The business analytics field is an exciting and rewarding industry, and adequate training and relevant experience may increase your rank within a company.

Continuous Improvement and Evaluation

Business analysts are always evaluating the company’s performance, which gives the company a great advantage in terms of staying on top of the latest trends and implementing client feedback with every new step. Also, being able to study data and information about the client’s behavior and preferences allows you to make more accurate decisions and provide improved solutions.

Working With Different People

A business analyst career requires contact and collaboration with people from different departments, which means you will be interacting with developers, client services representatives and other business professional to get a project done. This helps you in improving your communication skills and to learn about each department’s role and value to the company.

Gain Valuable Skills

There are many life benefits to being efficient in business analytics. For example, this career requires a good understanding of mathematic concepts, which can help you in life outside of your career. Mathematic proficiency can help you to be more strategic, logical and organized – all skills you can put to good use in other areas as well. Being able to understand business analytics can also lead you to a wide variety of other careers that you may also be interested in.

You can pursue your career in business analytics at Grand Canyon University. The Colangelo College of Business provides variety of business degrees, including a Bachelor of Science in Business Analytics degree program. You can also earn your master’s degree in business analytics after completing your bachelor’s program. For more information click the Request More Information button at the top of the page.

Retrieved from:

*https://www.bls.gov/OOH/business-and-financial/market-research-analysts.htm, November, 2020. 

The views and opinions expressed in this article are those of the author’s and do not necessarily reflect the official policy or position of Grand Canyon University.

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